Securities and Exchange Commission
                               Washington, DC  20549
                                
                                      FORM 10-K
                                
    (Mark One)
    [  X  ]  Annual  report pursuant to section 13 or  15(d)  of  the
    Securities Exchange Act of 1934 [Fee Required]
    For the fiscal year ended October 31, 1996 or
    [     ]  Transition report pursuant to section 13 or 15(d) of the
    Securities Exchange Act of 1934 [No Fee Required]
    For the transition period from _________ to ___________

    Commission file number 0-12619
                                
                           Collins Industries, Inc.
          (Exact name of registrant as specified in its charter)
                                
               Missouri
     (State or other jurisdiction of incorporation)
                                                         43-0985160
                                       (I.R.S. Employer Identification Number)
                                
       421 East 30th Avenue          Hutchinson, Kansas          67502-2489 
       (Address of principal executive offices)                  (Zip Code)
                                
      Registrant's telephone number including area code      316-663-5551 
                                
      Securities registered pursuant to Section 12(b) of the Act:

          Title of each class      Name of each exchange on which registered

               None                             N/A      

       Securities registered pursuant to Section 12(g) of the Act:

                       Common Stock, Par Value $.10 per share         
                                  (Title of class)
                                
    Indicate  by check mark whether the registrant (1) has filed  all
    reports  required  to be filed by Section  13  or  15(d)  of  the
    Securities  Exchange Act of 1934 during the preceding  12  months
    (or  for such shorter period that the registrant was required  to
    file  such  reports),  and (2) has been subject  to  such  filing
    requirements for the past 90 days.

                         Yes  X       No   

    Indicate  by  check  mark  if  disclosure  of  delinquent  filers
    pursuant  to Item 405 of Regulation S-K is not contained  herein,
    and  will  not  be  contained, to the best  of  the  registrant's
    knowledge,   in   definitive  proxy  of  information   statements
    incorporated by reference in Part III of this Form  10-K  or  any
    amendment to this Form 10-K.  (X )
                                
    The aggregate market value of voting stock held by non-affiliates
    of the registrant was $27,665,021 as of January 20, 1997.

    The  number of shares of Common Stock outstanding on January  20,
    1997 was 7,362,410.

                   Documents Incorporated by Reference

    The following are the documents incorporated by reference and the
    part of the Form 10-K into which the document is incorporated:
             Document:                          Part of Form 10-K
    Proxy Statement for Annual Meeting
    of  Shareholders on 2/28/97                 Part  III


                                    PART I
                                   

    Item 1.  BUSINESS


    General Development of Business

    Collins Industries, Inc. was founded in 1971 as a manufacturer of
    small school buses and ambulances built from modified cargo vans.
    The  Company's initial product was the first "Type A" school bus,
    designed  to  carry  16  to  20 passengers.   Today  the  Company
    manufactures specialty vehicles and accessories for various basic
    service  niches  of the transportation industry.   The  Company's
    products include ambulances, small school buses, shuttle and mid-
    size  commercial  buses, terminal trucks,  wheelchair  lifts  and
    accessories  and  commercial bus chassis.   From  its  inception,
    Collins'  stated goal has been to become the largest manufacturer
    of  specialty  vehicles  in  the  U.S.   The  Company  has  grown
    primarily  through the internal development of new  products  and
    the acquisition of complementary product lines.


    Collins   manufactures   products  used  in   emergency   medical
    transportation   and  the  transportation  of  school   children,
    business and leisure travelers and persons with disabilities,  as
    well as in the transfer of freight.  In the U.S., Collins is  the
    largest  manufacturer  of ambulances, a leading  manufacturer  of
    small  school  buses,  a  manufacturer of  shuttle  and  mid-size
    commercial buses and the second largest manufacturer of  terminal
    trucks.   The  Company  also manufactures  wheelchair  lifts  and
    commercial  bus  chassis.  The Company sells its  products  under
    several   well-known   trade  names,  including   Wheeled   Coach
    (ambulances),  Collins  Bus  (small school  buses),  World  Trans
    (commercial  buses),  Mobile-Tech  (vehicle  wheelchair   lifts),
    Capacity  (terminal  trucks)  and  Transi-Corp  (commercial   bus
    chassis).

    Most Collins products are built to customer specifications from a
    wide  range of options offered by the Company.  Collins sells  to
    niche   markets   which   demand  manufacturing   processes   too
    sophisticated  for  small job shop assemblers,  but  is  not  the
    highly  automated  assembly line operations  of  mass  production
    vehicle   manufacturers.    The  Company   emphasizes   specialty
    engineering  and product innovation.  In the last few  years,  it
    has  introduced  new  products  and product  improvements,  which
    include  the Moduvan ambulance, the first ambulance of  its  size
    with  advanced  life-support  system  capability,  the  Dura-Ride
    suspension  system, the first frame-isolating  suspension  system
    for  terminal  trucks, and the innovation  of  a  larger  seating
    capacity,  Type A Super Bantam school bus capable of carrying  up
    to 24 passengers, the largest Type A in the industry.

    In  fiscal 1992, the Company also developed the World Trans 3000,
    an  aluminum  body bus built on a rear-engine, rail-type  chassis
    built  by  the  Company.  This bus has a lower floor  height  and
    tighter turning radius than competitive models available  in  the
    industry.

    A  new  wheelchair lift called the under-vehicle lift  (UVL)  was
    introduced in fiscal 1992.  The UVL, suitable for installation on
    both vans and minivans, is the first platform wheelchair lift  to
    be  installed on the vehicle exterior so that it does  not  block
    vehicle  doorway entrances.  The UVL is the first Company product
    targeted  to  the consumer market, as well as to  the  commercial
    market.

    Description of Business

    The   Company  principally  manufactures  and  markets  Specialty
    Vehicles.

    Ambulances.   The Company manufactures both modular and  van-type
    ambulances at its Hutchinson, Kansas and Orlando, Florida plants.
    Van  ("Type II") ambulances are cargo vans modified to include  a
    patient  compartment  and  a  raised  fiberglass  roof.   Modular
    ambulances  are produced by attaching an all-aluminum,  box-type,
    patient  compartment  to  either a dual  rear-wheel  cab  chassis
    ("Type  I")  ambulance  or a dual rear-wheel,  van-type,  cutaway
    chassis  ("Type III") ambulance or to a single rear-wheel cutaway
    chassis  ("Moduvan")  ambulance.  A cutaway chassis  consists  of
    only the front portion of the driver's compartment, engine, drive
    train,  frame, axle and wheels.  Type II ambulances  are  smaller
    and less expensive than modular ambulances.

    The  Company  also produces a limited number of  medical  support
    vans  designed  to transport medical and life-support  equipment.
    Medical  support vans are modified commercial vehicles  which  do
    not have a patient compartment for advanced life support systems.

    Buses.   The  Company manufactures small school buses, commercial
    and shuttle buses at its South Hutchinson, Kansas facility.

    School Buses.  The Company manufactures small Type A school buses
    which carry from 16 to 24 passengers.  Prior to 1992, the Company
    built  Type  A  school  buses  by extensively  modifying  vendor-
    supplied  cargo vans.  The majority of Type A school buses  built
    by  the  Company  are now produced by fabricating  the  body  and
    mounting it on a vendor-supplied, dual rear-wheel or single rear-
    wheel,  cutaway chassis.  The Company was the first  manufacturer
    to  produce  a  Type A school bus on this type of chassis,  which
    permits  greater  seating capacity than a  van  chassis.   School
    buses  are  produced in compliance with Federal, state and  local
    laws regarding school transportation vehicles.

    Commercial  and Shuttle Buses.  The Company produces shuttle  and
    transit  buses  for  car  rental agencies,  transit  authorities,
    hotels and resorts, retirement centers, nursing homes and similar
    users.  These buses are built to customer specifications and  are
    designed to transport 14 to 30 passengers over short distances.

    Collins  offers commercial bus products in various price  ranges.
    The  Diplomat  is  a  steel body bus built on a  vendor-supplied,
    cutaway  chassis that carries 17 to 25 passengers and  targets  a
    low-  to  mid-price  range market.  The World Trans  1000  Series
    vehicles  are  aluminum  body  buses  built  on  vendor-supplied,
    cutaway chassis that carry 17 to 23 passengers and target mid- to
    high-price  range  markets. The World Trans 3000,  introduced  in
    early  1993, is an aluminum body bus built on the Company's rear-
    engine,  rail-type  chassis.  This product is  designed  for  the
    medium duty segment of the transit and shuttle markets.

    Terminal  Trucks.   The  Company produces  two  basic  models  of
    terminal  trucks  at its Longview, Texas, facility,  the  Trailer
    Jockey   and  the Yardmaster.  Terminal trucks are  designed  and
    built  to  withstand  heavy-duty  use  by  moving  trailers   and
    containers at warehouses, rail yards, rail terminals and shipping
    ports.   Most  terminal trucks manufactured by  the  Company  are
    built  to customer specifications.  The Company manufactures  the
    entire  truck  except for major drivetrain components  which  are
    purchased  from  outside  suppliers.   The  Dura-Ride  suspension
    system,  an increasingly popular option on the Company's terminal
    trucks,  was installed on over half of the terminal trucks  built
    by the Company during fiscal 1996.

    Transportation  Equipment  for  Disabled  Persons.   The  Company
    manufactures  wheelchair  lifts  and  accessories  used  in   the
    transportation of disabled persons.  These products are  sold  to
    commercial  and  school  bus manufacturers  and  to  dealers  who
    install the lifts in existing buses. The Company's patented Step-
    Lift  product is installed in the stepwell of buses.   The  Step-
    Lift  can serve as a conventional two-step entryway into the  bus
    and  fold  out as a lift to make the bus accessible  to  disabled
    persons.  In 1992, the Company introduced the under-vehicle  lift
    ("UVL") in North America.  The UVL, suitable for installation  on
    both vans and minivans, was the first platform wheelchair lift to
    be  installed on the vehicle exterior so that it does  not  block
    the  vehicle  doorway entrances.  The UVL was the  first  Company
    product  targeted  to  the consumer market  as  well  as  to  the
    commercial market.

    Bus  Chassis.  The Company produces both forward- and rear-engine
    bus  chassis  for  use  by the Company  and  for  sale  to  other
    manufacturers.   These chassis are suitable for  both  commercial
    and  large  school buses.  To date, the Company has produced  and
    sold  limited quantities of these chassis.  The Company plans  to
    continue  manufacturing bus chassis suitable for its own products
    and for sale to other manufacturers.

  
    Manufacturing

    Manufacturing consists of the assembly of component parts  either
    purchased  from  others  or  fabricated  internally.   With   the
    exception  of  chassis, chassis components and  certain  terminal
    truck components which are purchased from outside suppliers,  the
    Company  fabricates  the principal components  of  its  products.
    Collins'  internal capabilities include CNC punching and  forming
    of  sheet  metal, metal stamping, tooling, molding of  fiberglass
    components,   mechanical  and  electrical   component   assembly,
    upholstery, painting and finishing and Computer-Aided-Design  and
    Manufacturing (CAD/CAM) systems.

    Collins   intends  to  continue  to  improve  its   manufacturing
    facilities  from time-to-time through the selective upgrading  of
    equipment  and  the  mechanization or automation  of  appropriate
    portions  of the manufacturing process.  Management believes  the
    Company's manufacturing facilities are in good condition and  are
    adequate for the purposes for which they currently are used.  The
    capacity  of  the  Company's current facilities, particularly  if
    operated  on  a multiple shift basis, is considered  adequate  to
    meet current needs and anticipated sales volumes.

 
    New Products

    The  Company  is not presently engaged in activities which  would
    require  a significant amount of expenditures or use of  material
    amounts  of  assets for development of products in  the  planning
    stage or otherwise for the foreseeable future.

 
    Suppliers

    In  order  to  ensure that it has a readily available  supply  of
    chassis for ambulance and bus production, the Company has entered
    into  consignment  agreements  with  General  Motors  Corporation
    ("GMC") and Ford Motor Company ("Ford").  Under those agreements,
    chassis  are kept at Company production facilities at no cost  to
    the Company other than chassis storage costs.  When an individual
    chassis  is selected from the Company's consignment pool for  use
    in vehicle production, title to the chassis passes to the Company
    and  the Company becomes liable to the consignor for the cost  of
    the  chassis.   Chassis  currently in the  consignment  pool  are
    supplied  by Ford and GMC.  While an interruption in supply  from
    one  source  may  cause a temporary slowdown in  production,  the
    Company believes that it could obtain adequate numbers of chassis
    from alternate sources of supply.

    The  Company uses substantial amounts of steel in the  production
    of  its terminal truck products and purchases certain other major
    components (primarily engines, transmissions and axles).  Collins
    also  uses large amounts of aluminum, steel, fiberglass and glass
    in  the  production of ambulances and buses.  The  principal  raw
    materials and components used by the Company in the production of
    its  wheelchair lifts and accessories are steel, aluminum, motors
    and  batteries.  There is substantial competition among suppliers
    of  such  raw materials and components, and the Company does  not
    believe  that  a loss of a single source of supply would  have  a
    material adverse effect on its business.

 
    Patents, Trademarks and Licenses

    The Company owns federal registrations for most of the trademarks
    which  it uses on its products. The Company also owns patents  on
    certain  of  its  wheelchair lift products and on  its  bus  body
    design,   ambulance  design,  Dura-Ride  air  suspension  system,
    ambulance  warning light system and air-activated bus door.   The
    Company  believes that its patents are helpful, because they  may
    force  competitors to do more extensive design work to produce  a
    competitive  product.  The Company believes that  its  production
    techniques  and skills are as important as product  design,  and,
    therefore, in management's opinion, any lack of patent protection
    would not adversely affect the Company's business.


    Seasonality of Business

    Historically a major portion of the Company's net income has been
    earned  in the second and third fiscal quarters ending  April  30
    and  July  31, respectively.  The purchasing patterns  of  school
    districts are typically strongest in the spring and summer months
    which accounts for typically stronger sales of small school buses
    in the quarters ending April 30 and July 31.  Generally, sales of
    Specialty Vehicles tend to be lower in the fall and winter months
    due  to  the  purchasing patterns of the Company's  customers  in
    general and purchasing activities are normally lower near the end
    of the calendar year.

    Sales Terms

    The  Company produces the majority of its products on  an  order-
    only  basis.  Most specialty vehicle products are delivered on  a
    cash  basis.   Products  sold  on a  direct  basis  (not  through
    dealers)  and products for the disabled are sold on  trade  terms
    common  to  each  respective industry.  Finished goods  that  are
    reflected  on the financial statements are generally  sold  units
    that are ready for customer delivery.  Since late in fiscal 1992,
    many  sales  to dealers have been financed through  an  unrelated
    third  party  for  the  dealers, resulting in  payment  generally
    within days of the sale.


    Customer Concentration

    The  Company  has  no single customer whose  loss  would  have  a
    material adverse effect on an industry segment or the Company  as
    a whole.

    Sales Backlog

    The  sales  backlog  at October 31, 1996 was approximately  $40.4
    million.  This compares to $29.2 million at October 31, 1995.  In
    the  opinion  of management, the majority of this  sales  backlog
    will be shipped during the coming year.


    Governmental Sales

    The  Company  has, and will continue to, pursue opportunities  in
    government  sales  as  they occur. No  material  portion  of  the
    Company's  business,  however, is  subject  to  renegotiation  of
    profits  or  termination  of contracts  or  subcontracts  at  the
    election  of the government.  In 1993, the Company was awarded  a
    new  contract with the General Services Administration to provide
    ambulances  to all government sectors.  The initial term  of  the
    contract  was for one year with three one-year extension options.
    This  contract does not contain specific quantities that will  be
    ordered.   During  fiscal  1996 such orders  were  less  than  10
    percent of the Company's consolidated sales.


    Marketing and Distribution

    The  Company, through its wholly owned subsidiaries, markets  its
    products  throughout  the  U.S. through independent  dealers  and
    distributors,  Company-owned stores and the direct sales  efforts
    of  Company personnel and, to a limited extent, abroad.  Each  of
    the Company's product groups is responsible for its own marketing
    activities  and maintains independent relationships with  dealers
    and   distributors.    Support  is  provided   to   dealers   and
    distributors  in  bidding  specification  writing  and   customer
    service.

    The  Company regularly advertises in consumer and trade magazines
    and  other  print  media and actively participates  in  national,
    regional   and   local   trade  shows.   In   addition,   Company
    representatives  attend  a  number of  national  conventions  and
    regional meetings of important constituent groups such as  school
    boards and emergency medical groups.


    Competition

    The  markets  for most of the Company's product  lines  are  very
    competitive,  and  the  Company  currently  has  several   direct
    competitors in most markets.  Some of these competitors may  have
    greater  relative resources.  The Company believes it can compete
    successfully  (i)  in the ambulance market on the  basis  of  the
    quality  and  price of its products, its design  engineering  and
    product  innovation capabilities and the strength of the  Wheeled
    Coach  brand  name, (ii) in the small school bus  market  on  the
    basis  of its product price and quality and favorable recognition
    of  its  Collins  Bus brand name and (iii) in the commercial  bus
    market  on  the  basis  of  its various product  models,  product
    quality, price and distribution network.

    The  Company does not have numerous competitors in the market for
    wheelchair   lifts   and   accessories;  however,   its   primary
    competitors  are  well-established and may have greater  relative
    resources.   The Company believes it can compete successfully  in
    the  market  on  the  basis of its innovative  products,  product
    quality and price.

    In the terminal truck market, the Company competes primarily with
    one  larger domestic competitor, Ottawa Truck Corporation which is
    owned by Sisu of Finland.  Sisu has international  distribution
    channels  and  is owned   by   the government  of  Finland and may 
    have greater  relative  resources than the Company.  The  Company
    believes  it  can   compete successfully  in this market on the basis 
    of its  Capacity  brand name,  price,  product  quality  and  customer
    demand  for   its exclusive Dura-Ride suspension system.


    Research and Development Costs

                                         1996        1995       1994  
    Research and Development Expenses  $215,313    $261,747   $72,236

    This table cites the level of research and development costs  the
    Company incurred the past three fiscal years.  It should be noted
    the Company does significant research and development work on the
    production  line and, therefore, the major costs of new  programs
    are recorded as cost of sales and are expensed as prototypes.


    Regulation

    The  Company  is  subject to various laws  and  regulations  with
    respect to employees' health and safety and the protection of the
    environment.  In addition, all of the Company's on-road  vehicles
    must  satisfy  certain  standards  applicable  to  such  vehicles
    established  by  the United States Department of  Transportation.
    Certain   of   its  products  must  also  satisfy  specifications
    established   by  other  federal,  state  and  local   regulatory
    agencies,   primarily   dealing  with  safety   and   performance
    standards.  In management's opinion, the Company and its products
    are  in  compliance in all material respects with all  applicable
    governmental  regulations.   A substantial  change  in  any  such
    regulation could have a significant impact on the business of the
    Company.


    Employees

    The   Company  employs  approximately  900  persons  full   time,
    including officers and administrative personnel.  The Company has
    not  experienced  any  strikes or work  stoppages  due  to  labor
    problems  and  considers its relations with its employees  to  be
    satisfactory.


    Export Sales

    The Company has no significant foreign or export sales.

    Item 2.  PROPERTIES

    The  following table sets forth certain information with  respect
    to  the  Company's  manufacturing  and  office  facilities.   The
    Company owns all properties listed below in fee simple, except as
    otherwise noted.



                                                                 Approximate
    Location                          Use                        Size (sq ft)

    Hutchinson, Kansas(1)            Corporate headquarters             4,000

    Hutchinson, Kansas(1),(2)        Ambulance production;            300,000
                                     Wheelchair lifts and
                                     accessories production;
                                     Office space        

    Hutchinson, Kansas(1)            Building presently leased and     60,000
                                     available for future production

    South Hutchinson, Kansas(1),(3)  Small school bus and commercial  160,000
                                     bus production; Office space     

    Orlando, Florida(1)              Ambulance production;            229,000
                                     Office space                     

    Longview, Texas(1)               Terminal truck production;       120,000
                                     Chassis production;
                                     Office space

    Mansfield, Texas(1)              Ambulance sales, service and      25,000
                                     distribution center
    ___________________

    (1)  This property is pledged as collateral to secure payment of
    the Company's debt obligations. See "Notes 2 and 3 to Consolidated
    Financial Statements."
    (2)  Approximately 80 percent of this facility, together with
    related machinery and equipment, is financed by industrial revenue bonds
    in the original principal amount of $3,500,000 issued by the city of
    Hutchinson under a lease purchase agreement providing for rental
    payments sufficient to amortize the bonds in accordance with their terms.
    (3)  This facility and certain related equipment are financed by
    industrial revenue bonds in the original principal amount of $1,750,000
    issued by the city of South Hutchinson under a lease purchase agreement
    similar to the one in effect for the Hutchinson production facility.

    The Company leases several facilities throughout the U.S. for the
    sale and distribution of ambulances.   Although  the  Company evaluates
    opportunities  to acquire additional properties at favorable prices as
    they  arise, it  believes that its facilities are well maintained and
    will  be adequate  to serve its needs in the foreseeable future. 
    Several Company facilities have room to expand in existing buildings 
    and others   have  land  upon  which  additional  buildings  can be
    constructed.

    Item 3.  LEGAL PROCEEDINGS

    The  Company has been named as a defendant in various  law  suits
    arising  out of its normal business operations.  Based  upon  the
    facts available to date, management believes that the Company has
    meritorious  defenses  to  these  claims,  as  well  as  adequate
    insurance coverage, and that their ultimate resolution should not
    have  a  material  adverse  effect  on  the  Company's  financial
    position.



    Item 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

    The  Company  did  not submit any matter to a  vote  of  security
    holders  during  the  fourth quarter of  the  fiscal  year  ended
    October 31, 1996.
                                
                                 PART II
                                
                                

    Item 5.  MARKET FOR THE REGISTRANT'S COMMON STOCK AND RELATED
             STOCKHOLDER MATTERS



    Collins  Industries, Inc. common stock is quoted  on  the  Nasdaq
    Stock  Market  under the symbol COLL.  The following  table  sets
    forth the high and low sales prices per share of the common stock
    as  reported  by  the Nasdaq Stock Market.  On October  31,  1996
    there  were  approximately 3,500 shareholders  of  the  Company's
    common stock.

                                   FISCAL 1996

                                                   Volume
                         Quarter   High    Low     (000s)
                         First     2-1/4   1-7/16   1,049
                         Second    3-7/8   1-9/16   2,561
                         Third     6       3-7/16   2,954
                         Fourth    6-1/2   4-7/16   1,392



                                    FISCAL 1995
 
                                                    Volume
                         Quarter   High    Low      (000s)
                         First     2-3/8   1-5/8       846
                         Second    2-7/8   1-5/8     1,043
                         Third     2-5/8   2           574
                         Fourth    2-5/8   1-7/8       689


    Item 6.  SELECTED FINANCIAL DATA



    Operating History
    (In thousands except share and per-share data)

    Fiscal years ended          1996     1995      1994      1993      1992
    October 31,
                                                                
    Sales                     $151,879  $140,725  $143,763  $146,992  $143,502
    Cost of sales              129,652   123,911   126,664   137,436   125,939
     Gross profit               22,227    16,814    17,099     9,556    17,563
    Selling, general and                                            
     administrative
    (includes research &    
     development)               15,236    13,925    13,661    14,992    13,806
    Income (loss) from         
     operations                  6,991     2,889     3,438    (5,436)    3,757
    Other income (expenses):                                        
     Interest, net              (2,241)   (2,783)   (3,410)   (3,311)   (3,827)
     Other, net (Note A)           262       (27)     (999)   (3,220)       29
     Income (loss) from                                            
      continuing operations
      before provision                                            
      (benefit) for income
      taxes and              
      extraordinary items        5,012        79      (971)  (11,967)     (41)
    Provision (benefit) for      
     income taxes                    0         0         0      (749)       0
    Income (loss) before      
     extraordinary items         5,012        79      (971)  (11,218)     (41)
    Discontinued operations (loss)   0         0         0         0        0
    Extraordinary items              0      (420)        0         0   (1,059)
    Net income (loss)         $  5,012   $  (341)  $  (971) $(11,218) $(1,100)
    Earnings (loss) per share:
     Continuing operations    $    .66   $   .01   $  (.14) $  (1.59) $     0
    Discontinued operations          0         0         0         0        0
    Extraordinary items              0      (.06)        0         0     (.20)
    Net income (loss)              .66      (.05)     (.14)    (1.59)    (.20)
   Dividends per share        $      0   $     0   $     0  $  .0625   $  .10
   Weighted average shares 
    outstanding           7,621,403  7,240,926  7,106,082  7,071,097  5,395,895
   Non-cash charges           $  2,128   $ 3,040   $ 2,889  $ 3,117    $ 4,415


    Note A:      Includes  non-recurring expenses of $1,010,761 and
    $3,115,531 in 1994 and 1993, respectively, associated with the
    restatement of the October 31, 1992 consolidated financial statements.



    Financial Position
    (In thousands except share and per-share data)


    Fiscal years ended
    October 31,                 1996     1995    1994    1993    1992
                                                                
    Current assets             32,640   32,086  37,733  40,651  53,766
    Current liabilities        18,436   18,670  23,769  25,376  47,526
    Working capital            14,204   13,416  13,964  15,275   6,240
    Total assets               45,744   46,881  54,794  59,309  72,879
    Long-term debt (less     
     current maturities)       12,827   17,660  18,401  20,003   1,094
    Capitalized leases (less    
     current maturities)          591    1,746   2,143   2,619   3,080
    Shareholders' investment   13,891    8,805   8,994   9,811  21,179
    Book value per share         1.91     1.21    1.26    1.38    3.00
    Working capital per share    1.95     1.84    1.96    2.16     .88




    Financial Comparisons



    Gross profit margin          14.6%   11.9%   11.9%    6.5%   12.2%
    Net profit margin             3.3%      NA      NA      NA      NA
    SG&A (includes R&D) as %   
     of sales                    10.0%    9.9%    9.5%   10.2%    9.6%    
    Current ratio                1.8:1   1.7:1   1.6:1   1.6:1   1.1:1
    Long-term debt and                                              
     capitalized leases
     to shareholders'      
     investment                  1.0:1   2.2:1   2.3:1   2.3:1   0.2:1
    Manufacturing space      
     (000's square feet)           898     978     978     978   1.035



    Item 7.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
             CONDITION AND RESULTS OF OPERATIONS



    The  following discussion and analysis provides information which
    management   believes   is  relevant   to   an   assessment   and
    understanding of the Company's consolidated results of operations
    and  financial  condition.   The discussion  should  be  read  in
    conjunction with the consolidated financial statements and  notes
    thereto.



    RESULTS OF OPERATIONS

    Fiscal  1996  Compared  to Fiscal 1995.  Sales  for  fiscal  1996
    increased  8%  to  $151.9 million compared to $140.7  million  in
    fiscal 1995.   The sales increase for fiscal 1996 was principally
    due to improved sales of buses and ambulances.  Sales related  to
    school bus products increased in fiscal 1996, principally due  to
    higher unit sales to major contractors operating large school bus
    fleets.   Sales  of ambulance products increased in  fiscal  1996
    principally due to improved sales of units carrying higher  sales
    prices.

    At October 31, 1996, the Company's consolidated sales backlog was
    $40.4 million compared to $29.2 million at October 31, 1995.  The
    Company  believes  a majority of its consolidated  sales  backlog
    will be shipped in fiscal 1997.

    In  1993, the Company was awarded a new contract with the General
    Services  Administration (GSA).  The initial term of the contract
    was  one  year  with three (3) one-year extension  options.   The
    Company is currently in the fourth year of the contract which was
    originally  estimated to be approximately $40  million  with  the
    exercise of all extension options.

    Cost  of  sales for fiscal 1996 were 85.4% of sales  compared  to
    88.1%  of  sales in fiscal 1995.  The principal reasons for  this
    improvement  include:  lower material costs associated  with  the
    Company's   consolidation  of  certain   purchasing   operations;
    improved efficiencies in the operations of the bus product  lines
    and  change  in sales mix in ambulance products to higher  margin
    units.

    Selling, general and administrative expenses for fiscal 1996 were
    $15.0 million or 9.9% of sales compared to $13.7 million or  9.7%
    of  sales  in  fiscal  1995.   The overall  dollar  increase  was
    principally due to higher selling expenses and incentive payments
    and  the  impact  of  an  unfavorable  jury  verdict  of  certain
    litigation.

    Interest  expense  for  fiscal 1996 decreased  $.5  million  over
    fiscal  1995.   This  decrease  was principally  due  to  reduced
    average  borrowings  during  fiscal  1996.   The  Company's  base
    interest rate with its lead Bank will decrease in fiscal 1997  by
    1/4% (to prime + 1%) due to the Company meeting certain financial
    thresholds at October 31, 1996.

    There was no provision for income taxes in fiscal 1996 due to the
    Company's  utilization  of its net operating  loss  carryforwards
    from  prior  years.  As described in Note 4 to  the  consolidated
    financial  statements,  the Company has available  net  operating
    loss carryforwards of approximately $1.9 million for tax purposes
    to  offset future taxable income.  Additionally, the Company  has
    general  tax and alternative minimum tax credit carryforwards  of
    approximately  $.5  million available  to  offset  future  income
    taxes.

    The  Company's income before extraordinary items in  fiscal  1996
    was  $5.0 million ($.66 per share) compared to $.1 million  ($.01
    per  share)  in  fiscal 1995.  Income before extraordinary  items
    increased  in  fiscal 1996 principally as a  result  of  improved
    sales  of ambulance and bus products, lower material costs gained
    through  the  consolidation of certain purchasing operations  and
    lower  interest  costs  associated with an overall  reduction  of
    interest-bearing debt.

    In fiscal 1995, the Company incurred extraordinary net charges of
    $.4 million associated with the early retirement of certain debt.
    No extraordinary expenses were incurred in fiscal 1996.

    Fiscal  1995  Compared  to Fiscal 1994.  Sales  for  fiscal  1995
    decreased  $3.0 million (2.1%) to $140.7 million.   Sales  within
    the  Specialty  Vehicle product lines were mixed.  Chassis  sales
    decreased  $3.1 million, principally due to the impact  of  lower
    unit  sales  in  commercial and school bus  products.   Sales  of
    school  bus products declined in fiscal 1995, principally due  to
    lower unit sales to major contractors operating large school  bus
    fleets.  The unit sales of commercial bus products also declined,
    primarily  due to lower sales of single, rear-wheel  buses.   The
    sales  declines  in the commercial and school bus  products  were
    partially  offset by an overall increase of 14% in the  Company's
    ambulance product lines.  The overall increase in ambulance sales
    principally  resulted  from  a 10%  increase  in  the  volume  of
    ambulances sold in fiscal 1995 compared to fiscal 1994.  The unit
    sales decline in terminal truck products was partially offset  by
    selling price increases and increased sales of spare parts.  Cost
    of  sales  and  selling, general and administrative expenses  for
    both  1995 and 1994 were approximately the same.  Cost  of  sales
    were  88.1%  of  sales in both fiscal 1995 and 1994  and  selling
    general  and administrative expenses in fiscal 1995 were 9.7%  of
    sales compared to 9.5% of sales in fiscal 1994.

    Research  and  development expenses increased to $.3  million  in
    fiscal  1995  compared  to  $.1  million  in  fiscal  1994.   The
    principal reason for this increase related to the development  of
    new  ambulance products and the development costs associated with
    a new commercial bus.

    In fiscal 1994, the Company incurred $1.0 million in special, non-
    recurring expenses related to charges incurred for restatement of
    the 1992 financial statements.

    Interest expense of $2.8 million decreased for fiscal 1995 by $.6
    million  from  fiscal 1994.  This decrease was primarily  due  to
    reduced average borrowings during fiscal 1995.
 
    Income  before extraordinary items in fiscal 1995 was $.1 million
    ($.01  per  share) compared to a loss of $1.0 million  ($.14  per
    share) in fiscal 1994.  The income before extraordinary items  in
    fiscal  1995  increased  due  to three  principal  factors:   (1)
    improved sales and income from ambulance product lines, (2) lower
    interest  costs  and  (3)  elimination  of  the  special  charges
    incurred  in  1994.  These income improvements  were  principally
    offset  by  losses  sustained in the commercial  and  school  bus
    product lines in fiscal 1995.

    In  fiscal 1995, the Company incurred net extraordinary items  of
    $420,444 associated with its new credit facility with NationsBank
    of  Georgia  N.A.  and  the  retirement of  certain  subordinated
    debentures.


    LIQUIDITY AND CAPITAL RESOURCES

    Historically,  the Company has principally relied  on  internally
    generated  funds,  supplier  financing  and  bank  borrowings  to
    finance  its operations and capital expenditures.  The  Company's
    working capital requirements vary from period to period depending
    on  the  production volume, the timing of vehicle deliveries  and
    the payment terms offered to its customers.

    Cash  provided  by  operations was $5.8 million  in  fiscal  1996
    compared to $5.3 million in fiscal 1995.  Primary sources of  the
    1996  cash  provided  by  operations  related  to  the  Company's
    improved profit levels.  The sources of cash from operations were
    partially  offset by increases in receivables and a reduction  in
    accounts payable.

    Cash  provided  by  operations was $5.3 million  in  fiscal  1995
    compared to $5.2 million in fiscal 1994.  Primary sources of  the
    1995  cash  provided  by  operations related  to  the  profitable
    operations of the ambulance and terminal truck product lines  and
    to reductions in receivables, inventories and prepaid expenses.
  
    Cash provided by operations was $5.2 million in fiscal 1994.  The
    primary  sources of the 1994 cash provided by operations was  the
    profitable operations of the ambulance, terminal truck and  small
    school bus product lines; reductions in receivables and increases
    in  accounts  payable to suppliers.  In 1994 these  sources  were
    used to reduce accrued expenses.

    Cash  used in investing activities was $.3 million in fiscal 1996
    compared  to  $.2  million in fiscal 1995.  In fiscal  1996,  the
    principal  use  of  cash  for investing activities  was  for  the
    acquisition  of property and equipment ($.8 million) and  certain
    other  assets ($.2 million).  In fiscal 1996, these uses of  cash
    were  partially offset by the proceeds from the sale  of  certain
    property  ($.7  million).  In fiscal 1995, the principal  use  of
    cash for investing activities was for the acquisition of property
    and  equipment  ($.6  million)  and  certain  other  assets  ($.3
    million).   In  fiscal  1995 these uses of  cash  were  partially
    offset  by  the  proceeds  from the  sale  of  vacant  land  ($.6
    million).   In fiscal 1994, the cash used in investing activities
    was for the acquisition of property and equipment.

    Cash used in financing activities was $6.0 million in fiscal 1996
    compared  to  $8.0 million in fiscal 1995.  In fiscal  1996,  the
    Company reduced its long-term borrowings $6.0 million compared to
    a  net reduction of $3.7 million in fiscal 1995.  As described in
    Note  2  to  the consolidated financial statements,  the  Company
    obtained  a  $33.05 million credit facility from  NationsBank  in
    fiscal  1995.  The proceeds of that financing were used to  repay
    the  Company's chassis floor plan notes (short-term) and  to  pay
    off  Guaranteed  Senior  Notes of  $17.5  million.   The  Company
    reduced its short-term borrowings by $4.3 million in fiscal  1995
    and by $3.6 million in fiscal 1994.  The Company reduced its long-
    term borrowings by $1.6 million in fiscal 1994.

    The  Company believes that its cash flows from operations and its
    credit  facility with NationsBank will be sufficient  to  satisfy
    its future working capital and capital expenditure requirements.
 
    At  October  31,  1996  there  were  no  significant  or  unusual
    contractual commitments or capital expenditure commitments.


    IMPACT OF INFLATION AND FOREIGN CURRENCY EXCHANGE FLUCTUATIONS

    The results of the Company's operations for the periods discussed
    have  not  been  significantly affected by inflation  or  foreign
    currency  fluctuations.   Facility costs  result  primarily  from
    interest  and  principal  and  are  not  affected  by  inflation.
    Further,  although the Company often sells products  on  a  fixed
    quote basis, the average time between the receipt of an order and
    delivery  is  generally  a few months.   Therefore,  the  Company
    generally is not adversely affected by increases in the  cost  of
    raw materials and components.  This could change in situations in
    which the Company is producing against a substantial backlog  and
    may  not  be  able  to  pass on higher costs  to  customers.   In
    addition,  interest on the Company's debt is tied  to  the  prime
    rate and therefore may increase with inflation.

    Collins  makes  substantially all sales to foreign  customers  in
    U.S.  dollars.   Thus,  notwithstanding  fluctuation  of  foreign
    currency  exchange  rates, the Company's profit  margin  for  any
    purchase  order  is not subject to change due  to  exchange  rate
    fluctuations after the time the order is placed.

    Item 8.  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

  
    Collins Industries, Inc. and Subsidiaries
    CONSOLIDATED STATEMENTS OF INCOME
    For  the years ended October 31,


                                    1996         1995         1994
                                                                  
    Sales                        $151,878,862  $140,725,065  $143,762,767
    Cost of sales                 129,651,654   123,910,694   126,664,018
          Gross profit             22,227,208    16,814,371    17,098,749
                                                                  
    Selling, general and                                              
     administrative expenses       15,020,673    13,663,037    13,588,494
    Research and development                                           
     expenses                         215,313       261,747        72,236
                                                                  
          Income from  operations   6,991,222     2,889,587     3,438,019
                                                                  
                                                                  
    Other income (expense):                                           
     Special non-recurring                                        
      expenses                               0            0    (1,010,761)
     Interest, net                  (2,241,575)  (2,783,198)   (3,410,334)
     Other, net                        262,420      (26,704)       11,588
                                    (1,979,155)  (2,809,902)   (4,409,507)
          Income (loss) before
           provision for income
           taxes and 
           extraordinary items       5,012,067       79,685      (971,488)
                                                                  
    Provision for income taxes                                        
     (Note 4)                                0            0             0
                                                                  
          Income (loss) before
           extraordinary items       5,012,067       79,685       (971,488)
                                                                  
    Extraordinary items -                                             
     Early retirement of debt
     (Note 2)                                0     (420,444)             0
                                                                  
          Net income (loss)       $  5,012,067  $  (340,759)   $  (971,488)
                                                                  
                                                                  
    Earnings (loss) per share (Note 1):
     Before extraordinary items        $   .66        $  .01        $ (.14)
     Extraordinary items                     0          (.06)            0
     Net income (loss)                 $   .66        $ (.05)       $ (.14)
                                                                  
                                                                  

    The accompanying notes are an integral part of these statements.


    Collins Industries, Inc. and Subsidiaries
    CONSOLIDATED BALANCE SHEETS
    October 31,

                  ASSETS                                      
                                                    1996        1995
    Current assets:                                          
      Cash (Note 1)                         $   255,405   $   842,953
      Receivables, less allowance for                      
       doubtful accounts of  $98,000 in
       1996 and $82,000 in 1995 (Note 2)      8,310,009     7,375,492
      Inventories, at the lower of cost                    
       (first-in, first-out) or market
       (Notes 1 & 2)                         23,615,159    23,466,727
      Prepaid expenses and other current                             
       assets                                   459,275       400,753
    
          Total current assets               32,639,848    32,085,925
                                                    
                                                         
    Property and equipment, at cost (Notes 1, 2 & 3):
     Land and improvements                    2,332,717     2,313,339
     Buildings and improvements              14,879,948    15,606,637
     Machinery and equipment                 14,661,124    15,103,215
     Office furniture and fixtures            2,736,581     2,129,786
                                             34,610,370    35,152,977
     Less - accumulated depreciation         22,573,220    21,730,893
                                             12,037,150    13,422,084
    Other assets                              1,067,454     1,373,042
                                            $45,744,452   $46,881,051

          LIABILITIES & SHAREHOLDERS' INVESTMENT

    Current liabilities:                                     
    Current maturities of long-term debt      
     and capitalized leases (Notes 2 & 3)    $ 1,125,842  $ 1,158,070
    Accounts payable                          13,729,044   14,154,891
    Accrued expenses                           3,580,731    3,357,210
          Total current liabilities           18,435,617   18,670,171
                                                         
    Long-term debt (Note 2)                   12,827,409   17,659,933
    Long-term capitalized leases (Note 3)        590,601    1,745,797
                                                         
    Commitments and contingencies (Note 7)                   
                                                         
    Shareholders' investment (Notes  2, 5, & 6):
     Preferred stock, $.10 par value                      
        Authorized - 750,000 shares                      
        Outstanding - No shares outstanding                        
     Common stock, $.10 par value                         
        Authorized - 17,000,000 shares                   
        Issued - 7,274,110 shares in 1996;                         
                 7,286,887 in 1995                727,411      728,689
     Capital stock, $.10 par value                                  
        Authorized - 3,000,000 shares                              
        Outstanding - No shares outstanding
     Paid-in capital                           19,701,491   19,593,605
     Retained deficit                          (6,505,077) (11,517,144)
                                               13,923,825    8,805,150
     Less - Treasury stock, 6,000 shares,                          
            at cost                               (33,000)           0
          Total shareholders' investment       13,890,825    8,805,150
                                                                   
                                              $45,744,452  $46,881,051
                                                                   
   The accompanying notes are an integral part of these balance sheets.


    Collins Industries, Inc. and Subsidiaries
    CONSOLIDATED STATEMENTS OF CASH FLOWS
    For the years ended October 31,

                                                           
                                        1996          1995          1994
    Cash flow from operations:                            
      Cash received from customers  $150,944,345  $141,425,892  $144,853,031
      Cash paid to suppliers                
       and employees                (142,919,078) (132,956,101) (137,273,728)
      Interest paid, net              (2,265,324)   (3,209,818)   (3,167,373)
      Income taxes received                    0             0       813,248
        Cash provided by operations    5,759,943     5,259,973     5,225,178

    Cash flow from investing activities:
     Capital expenditures               (862,889)     (551,528)     (657,114)
     Sale of property and equipment      668,038       643,667             0
     Expenditures for other assets      (176,305)     (237,519)            0
     Other, net                           43,613       (57,034)            0
        Cash used in investing
         activities                     (327,543)     (202,414)     (657,114)
                                                                 
    Cash flow from financing activities:
     Net (reduction) in short-term
      borrowings                               0    (4,301,111)   (3,560,084)
     Principal payments of                                        
      long-term debt and
      capitalized leases              (6,019,948)  (19,783,293)   (1,550,284)
     Addition to long-term debt                0    16,055,400             0
          Cash used in financing 
           activities                 (6,019,948)   (8,029,004)   (5,110,368)
                                                                 
    Net decrease in cash                (587,548)   (2,971,445)     (542,304)
    Cash at beginning of year            842,953     3,814,398     4,356,702
                                                                 
    Cash at end of year              $   255,405   $   842,953   $ 3,814,398
                                                                 
                                                                 
    Reconciliation of net income (loss)
    to net cash provided by operations:                                     
     Net income (loss)               $ 5,012,067   $  (340,759)  $  (971,488)
     Depreciation and amortization     2,019,938     2,513,541     2,756,470
     Common stock issued for                                      
      benefit of employees               108,170       106,365       132,252
     Decrease (increase) in                              
      receivables, net                  (934,517)      700,827     1,903,512
     Decrease (increase) in                              
      inventories                       (148,432)    1,614,442       157,656
     Decrease (increase)in                             
      prepaid expenses                   (58,522)      329,517        97,757
     Increase (decrease) in          
      accounts payable                  (425,847)      276,782     2,315,358
     Increase (decrease) in                              
      accrued expenses                   223,521      (261,519)     (889,330)
     Decrease in reserve for                                      
      litigation settlement                    0             0      (298,064)
     Gain on sale of property    
      and equipment                      (36,435)      (99,667)            0
     Loss on early extinguishment
      of debt                                  0       420,444             0
     Other, net                                0             0        21,055
        Cash provided by operations  $ 5,759,943   $ 5,259,973   $ 5,225,178
                                                      
                                
    The accompanying notes are an integral part of these statements.


    Collins Industries, Inc. and Subsidiaries
    CONSOLIDATED STATEMENTS OF SHAREHOLDERS' INVESTMENT
    For the years ended October 31,


                                     Common Stock              Paid-In
                                  Shares      Amount           Capital
    Balance October 31, 1993     7,084,680   $708,468       $19,307,300
                                                                   
     Stock issued to Tax
      Deferred Savings Plan
      and Trust (Note 6)            52,668      5,267           126,985  
     Amortization of deferred
      compensation                       0          0            22,771
     Net loss                            0          0                 0

    Balance October 31, 1994     7,137,348    713,735        19,457,056

     Stock issued under
      various discretionary
      arrangements (Note 5)        110,000     11,000             9,000
     Stock issued to Tax
      Deferred Savings Plan
      and Trust (Note 6)            39,539      3,954            82,410
     Amortization of deferred
      compensation                       0          0            45,139
     Net loss                            0          0                 0

    Balance October 31, 1995     7,286,887   $728,689       $19,593,605

     Stock issued (rescinded)
      under discretionary
      arrangements (Note 5)        (54,500)    (5,450)           18,451
     Stock issued to Tax
      Deferred Savings Plan
      and Trust (Note 6)            31,723      3,172            71,685
     Stock issued under
      Stock Option Plan (Note 5)    10,000      1,000            17,750
     Net income                          0          0                 0
     Purchase of treasury stock          0          0                 0

    Balance October 31, 1996     7,274,110   $727,411       $19,701,491


    Collins Industries, Inc. and Subsidiaries
    CONSOLIDATED STATEMENTS OF SHAREHOLDERS' INVESTMENT (CON'T.)
    For the years ended October 31,

                                             Retained
                                             Earnings     Treasury Stock
                                             (Deficit)   Shares    Amount
    Balance October 31, 1993              $(10,204,897)       0   $      0

     Stock issued to Tax
      Deferred Savings Plan
      and Trust (Note 6)                             0        0          0
     Amortization of deferred
      compensation                                   0        0          0
     Net loss                                 (971,488)       0          0

    Balance October 31, 1994               (11,176,385)       0          0

     Stock issued under
      various discretionary
      arrangements (Note 5)                          0        0          0
     Stock issued to Tax
      Deferred Savings Plan
      and Trust (Note 6)                             0        0          0
     Amortization of deferred
      compensation                                   0        0          0
     Net loss                                 (340,759)       0          0

    Balance October 31, 1995               (11,517,144)       0          0

     Stock issued (rescinded)
      under discretionary
      arrangements (Note 5)                          0        0          0
     Stock issued to Tax
      Deferred Savings Plan
      and Trust (Note 6)                             0        0          0
     Stock issued under
      Stock Option Plan (Note 5)                     0        0          0
     Net income                              5,012,067        0          0
     Purchase of treasury stock                      0    6,000    (33,000)

    Balance October 31, 1996               $(6,505,077)   6,000   $(33,000)

    The accompanying notes are an integral part of these statements.


                                
    Collins Industries, Inc. and Subsidiaries
    NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
    For the three years ended October 31, 1996


    (1)  Summary of Significant Accounting Policies

    (a)   Consolidation  and Operations - The consolidated  financial
    statements include the accounts of Collins Industries, Inc.  (the
    Company)  and  its  wholly owned subsidiaries.   All  significant
    intercompany  accounts and transactions have been  eliminated  in
    consolidation.

    The   Company   primarily  operates  in  the  Specialty   Vehicle
    Manufacturing   segment   and   related   vehicle    accessories.
    Manufacturing  activities are carried on  solely  in  the  United
    States.   However, the Company does market its products in  other
    countries.   Revenues derived from export sales  to  unaffiliated
    customers  were  less than 10% of consolidated  sales  in  fiscal
    1996, 1995 and 1994.

    (b)   Cash  and  cash  management -  Cash  includes  in  checking
    accounts  and  funds invested in overnight and other  short-term,
    interest-bearing accounts.

    The  Company maintains controlled disbursement account  with  its
    lead  bank  under  an arrangement whereby all cash  receipts  and
    checks  are  centralized and presented to the  bank  daily.   All
    deposits  are  applied directly against the  Company's  revolving
    credit  line  and  all  checks  presented  for  payment  in   the
    controlled  disbursement accounts are funded  through  borrowings
    under  the  Company's revolving credit facility.  At October  31,
    1996  accounts payable included $1,698,208 in outstanding  checks
    drawn   on   controlled  disbursement  accounts.   No  controlled
    disbursement accounts existed at October 31, 1995.

    (c)   Inventories  - Major classes of inventories  which  include
    material,   labor,   and  manufacturing  overhead   required   in
    production of Company products as of October 31, 1996 and 1995:
   
                                        1996           1995
    Chassis                         $ 6,466,570    $ 6,545,808
    Raw materials & components        8,867,477      8,294,483
    Work in process                   3,061,276      3,400,583
    Finished goods                    5,219,836      5,225,853
                                    $23,615,159    $23,466,727

    (d)   Depreciation  and  Maintenance - Depreciation  is  provided
    using  the straight-line method for financial reporting  purposes
    and  accelerated methods for income tax purposes.  The  estimated
    useful lives of property are as follows:

         Land improvements                  10 to 20 years
         Building and improvements          10 to 30 years
         Machinery and equipment             3 to 15 years
         Office furniture and fixtures       3 to 10 years

    Maintenance and repairs are charged to expense as incurred.   The
    cost of additions and betterments are capitalized.  The cost  and
    related depreciation of property retired or sold are removed from
    the  applicable  accounts and any gain  or  loss  is  taken  into
    income.

    (e)  Revenue Recognition  - The Company records vehicle sales  at
    the  earlier  of  completion of the vehicle and receipt  of  full
    payment  or shipment or delivery to the customer as specified  by
    the  customer  purchase  order.  Customer  deposits  for  partial
    payment   of  vehicles  are  deferred  and  treated  as   current
    liabilities  until  the vehicle is completed  and  recognized  as
    revenue.

    (f)   Earnings Per Share - The computation of earnings per  share
    is  based  on  the weighted average number of outstanding  common
    shares  during  the period plus, when their effect  is  dilutive,
    common stock equivalents consisting of certain shares subject  to
    stock options.

    The  weighted average number of shares used to calculate earnings
    (loss)  per share was 7,621,403 in 1996, 7,240,926 in  1995,  and
    7,106,082 in 1994.

    (g)   Reclassification  -  Certain  amounts  in  the  prior  year
    financial statements have been reclassified to conform  with  the
    1996 presentation.

    (2)  Loan Agreements and Retirement of Debt
    
    On  May  9,  1995 the Company entered into a Loan Agreement  with
    NationsBank of Georgia, N.A., Atlanta, Georgia (the "Bank"),  for
    a  $33.05 million credit facility.  The Agreement provides for  a
    revolving credit facility of $25.0 million and a long-term credit
    facility  of  $8.05  million.  The proceeds  of  the  new  credit
    facility  were  used  to  repay the Company's  Senior  Notes  and
    chassis floor plan notes.

    The   credit   facility   is   collateralized   by   receivables,
    inventories,  equipment  and certain real  property.   Under  the
    terms  of  the  Agreement, the Company is  required  to  maintain
    certain  financial  ratios and other financial  conditions.   The
    Agreement  also  prohibits  the Company  from  incurring  certain
    additional indebtedness, limits certain investments, advances  or
    loans and restricts substantial asset sales, capital expenditures
    and cash dividends.  At October 31, 1996 and 1995 the Company was
    in compliance with all loan covenants.

    The revolving credit facility requires payment of interest (only)
    at  1.25%  over the Bank's prime rate which was 8.25% at  October 31,
    1996.   The  revolving credit facility also provides  for  a
    maximum  of  $3.0 million in letters of credit,  of  which,  $1.0
    million  were outstanding at October 31, 1996.  The total  amount
    of  unused  revolving credit available to the Company at  October 31,
    1996 was $9.4 million.

    The  long-term facility includes a $6.2 million term  loan  (Term
    Loan  A) which is payable in monthly installments of $51,667 plus
    interest  at  1.25%  over the Bank's prime  rate.   Term  Loan  A
    matures  upon  the expiration of the  Agreement in  April,  1998.
    The  long-term facility provides for an additional $1.85  million
    long-term  credit  line (Term Loan B) at 2.50%  over  the  Bank's
    prime  rate.   At October 31, 1996 no borrowings were outstanding
    under Term Loan B which expires May 9, 1997.

    On  September  30, 1991, a $1,250,000 10-year loan with  a  fixed
    interest rate of 10.75% was obtained from an insurance company to
    refinance existing manufacturing facilities.  The note matures in
    2001  and  is  secured  by  the  facilities  which  it  finances.
    Interest  and principal are paid monthly.  At October  31,  1996,
    the facilities had a net book value of $1,245,000.

    In   December,  1994  the  Company  issued  $1,201,936  in  8.75%
    subordinated debentures maturing January  11, 2000 in  settlement
    of a class action lawsuit.  Interest on the debentures is payable
    annually.

    Long-term  debt  at  October 31, 1996 and 1995  consists  of  the
    following:

                                                          
                                              1996          1995
    Bank credit facility:                                         
     Revolving credit borrowings          $ 6,360,948   $10,447,630
                                                              
     Term Loan A, less current                                  
      maturities of $620,000                4,701,667     5,321,667
                                                              
     10.75%, Term loan from insurance                              
      company less maturities of                                 
      $125,842 in 1996 and                                       
      $113,070 in 1995                        662,500       788,342
                                                              
     8.75% subordinated debentures                                 
      due 2000                              1,102,294     1,102,294
                                          $12,827,409   $17,659,933

    The  carrying amount of the Company's long-term obligations  does
    not  differ  materially from fair value based on  current  market
    rates available to the Company.

    In  June, 1995 the Company retired at less than par value certain
    subordinated debentures which would have matured in 2000.  A gain
    of  $53,881 from the early retirement of these debentures  and  a
    charge  of  $474,325  for  the unamortized  debt  issuance  costs
    associated with the early retirement of the Senior Notes resulted
    in  net extraordinary items of $420,444 ($.06 per share) for  the
    year ended October 31, 1995.

    (3)   Capitalized Leases

    Certain  of the Company's manufacturing facilities were  financed
    from  the  proceeds of industrial revenue bonds.  Lease  purchase
    agreements  with the respective cities provide that  the  Company
    may  purchase the manufacturing facilities at any time during the
    lease  terms  by paying the outstanding principal amount  of  the
    bonds plus a nominal amount.

    The capitalized leases subject to these agreements follow:

                                                    1996         1995
    City  of Hutchinson, Kansas, 8.25%  to            
    8.5%.  Annual principal and sinking
    fund payments are approximately              
    $200,000 from 1997 to 1999.                   430,441       651,120     

    City of South Hutchinson, Kansas,            
    11.0%.  Annual principal and sinking
    fund  payments range from 180,000
    in 1997 to $225,000 in 1999.                   540,160       725,000
    
    City of Newton, Kansas, 7.0% to 8.25%.               0       794,677
                                                          
       Total capitalized leases                     970,601    2,170,797
       Less - current maturities                    380,000      425,000
                                                 $  590,601   $1,745,797

    During  the  third quarter of fiscal 1996, the Company  deposited
    approximately  $1,023,000 in cash and U.S. Government  securities
    into  an irrevocable trust to complete an in-substance defeasance
    of  the Company's 1989 Industrial Revenue Bonds with the City  of
    Newton,  Kansas.  The transaction did not result in any  material
    gain  or loss.  At October 31, 1996 the principal balance of  the
    defeased debt was approximately $875,000.

    At  October  31,  1996,  the  net  book  value  of  manufacturing
    facilities  subject  to  these  lease  purchase  agreements   was
    approximately $2,512,000.

    The aggregate maturities of capitalized leases and long-term debt
    for the five years subsequent to October 31, 1996 are as follows:
   
          1997             $ 1,125,842
          1998              11,602,672
          1999                 346,478
          2000               1,275,779
          2001                 193,081

    (4)  Income Taxes

    There  is no current or deferred tax expense for the years  ended
    October  31, 1996, 1995 and 1994.  The Company in 1996  and  1995
    utilized  net operating loss carryforwards and in 1994 was  in  a
    loss  position.   The  benefits of timing  differences  have  not
    previously been recorded.

    The  deferred  tax  consequences  of  temporary  differences   in
    reporting  items for financial statement and income tax  purposes
    are  recognized, if appropriate.  Realization of the  future  tax
    benefits related to the deferred tax assets is dependent on  many
    factors,  including  the Company's ability  to  generate  taxable
    income   within  the  net  operating  loss  carryforward  period.
    Management   has  considered  these  factors  in   reaching   its
    conclusion as to the valuation allowance for financial  reporting
    purposes.    The  income  tax  effect  of  temporary  differences
    comprising  the deferred tax assets and deferred tax  liabilities
    on  the  accompanying consolidated balance sheets is a result  of
    the following:

                                                    1996        1995
    Deferred tax assets:                                          
      Self-insurance reserves                  $   292,000   $   314,000
      Vacation                                     158,000       115,000
      Warranty                                     130,000       122,000
      Doubtful accounts                             38,000        31,000
      Inventories                                  212,000       264,000
      Subordinated debentures                      420,000       420,000
      Compensation                                       0        94,000
      Revenue recognition                          121,000       161,000
      Federal tax operating loss and                            
        general tax credit carryforwards         1,233,000     2,994,000
      Other                                        122,000        61,000
                                                $2,726,000    $4,576,000
                                                              
    Deferred tax liabilities:                                     
      Depreciation                                (708,000)     (138,000)
                                                              
    Valuation allowance                         (2,018,000)   (4,438,000)
      Net deferred tax assets                   $        0   $         0

    A  reconciliation between the statutory federal income  tax  rate
    (34%)  and the effective rate of income tax expense for  each  of
    the three years during the period ended October 31, 1996 follows:


                                                 
                                             1996      1995      1994
    Statutory federal income                   
      tax rate                               34%      (34%)     (34%)
    Increase (decrease) in                               
      taxes resulting from:
        State tax, net of federal benefit     4         0         0
        Increase in (utilization of) net      
         operating loss carryforwards       (38)       34        34
    Effective tax rate                        0 %       0 %       0 %

    The  Company  has  available net operating loss carryforwards  of
    approximately  $1,872,000  for  tax  purposes  to  offset  future
    taxable  income.   The  net operating  loss carryforwards  expire
    principally  in  2009.  General tax and alternative  minimum  tax
    credit carryforwards of approximately $521,000 expire principally
    in 1997 to 2006.


    (5) Capital Stock
 
    Common Stock - During fiscal 1996 and 1995, the Company awarded
    20,500 and 110,000 shares, respectively, of unregistered common
    stock to senior management which was treated as compensation.
    During fiscal 1996, 75,000 shares awarded in fiscal 1995 were
    rescinded.
  
    Warrants which were issued in connection with the 10.5%
    subordinated debentures (retired in fiscal 1992) are exercisable
    until February 28, 1997.  There are 479,999 warrants outstanding
    and each warrant may be used to purchase 1.25 shares of common
    stock.  The exercise price of $9.75 per warrant will be payable
    in cash.  The warrants are redeemable by the Company at $3.00 per
    warrant at any time if the closing price for the Company's common
    stock has been at least 150% of the then prevailing exercise
    price of the warrants for 20 of 30 consecutive trading days.
 
    Preferred  Stock  -  On  March 28, 1995 the  Company's  Board  of
    Directors adopted a stockholders rights plan (Plan) and  declared
    a dividend distribution of one right (Right) for each outstanding
    share  of  common stock to stockholders of record  on  April  20,
    1995.  Under the terms of the Plan each Right entitles the holder
    to   purchase   one  one-hundredth  of  a  share  of   Series   A
    Participating  Preferred Stock (Unit) at  an  exercise  price  of
    $7.44 per Unit.  The Rights are exercisable a specified number of
    days  following  (I)  the acquisition by a  person  or  group  of
    persons of 20% or more of the Company's common stock or (ii)  the
    commencement of a tender offer or an exchange offer  for  20%  or
    more  of  the Company's common stock or (iii) when a majority  of
    the Company's unaffiliated directors (as defined) declares that a
    person  is  deemed  to  be an adverse person  (as  defined)  upon
    determination that such adverse person has become the  beneficial
    owner of at least 10% of the Company's common stock.  The Company
    has  authorized  and reserved 750,000 shares of preferred  stock,
    $.10  par  value, for issuance upon the exercise of  the  Rights.
    The Company may redeem the Rights in whole, but not in part, at a
    price of $.01 per Right in accordance with the provisions of  the
    plan.   Rights  expire on April 1, 2005 unless  redeemed  by  the
    Company.

    Stock  Option  Plans  -  During 1995 the  Company's  shareholders
    approved  new  stock  option  plans  limited  to  key  employees,
    officers  and  directors  of the Company.   Options  to  purchase
    Company shares are granted at no less than the fair market  value
    at the date of the grant.

    As  of October 31, stock options authorized, granted, outstanding
    and available for future grants are as follows:

                                                   
                                      1996          1995          1994
    Authorized for grants          1,000,000     1,000,000       750,000
    Granted & outstanding            814,500       745,000       600,000
    Exercised                         10,000             0             0
    Exercise price               $1.75-$2.13             0             0
    Option issue price           $1.88-$6.00    $1.75-$2.13  $2.00-$5.00
    Available for future grants      175,500        255,000      141,875

    In  October 1995, the Financial Accounting Standards Board (FASB)
    issued  Statement  of  Financial Accounting  Standards  No.  123,
    "Accounting  for  Stock-Based  Compensation"  (SFAS  123).   This
    statement  defines  a fair value based method of  accounting  for
    employee stock options or similar equity instruments and requires
    disclosures.  The Company will adopt this standard on November 1,
    1996  by  making  a  pro-forma disclosure in  the  notes  to  its
    consolidated financial statements.

    (6)  Tax Deferred Savings Plan and Trust
 
    In  1985 the Company made available to all eligible employees the
    opportunity  to  participate  in  Collins  Industries,  Inc.  Tax
    Deferred  Savings  Plan and Trust.  The Company  provides  a  50%
    matching contribution in the form of unregistered common stock of
    the  Company  on the eligible amount invested by participants  in
    the  plan to purchase common stock of the Company.  The Company's
    contribution  to this plan was $74,858 in 1996, $86,365  in  1995
    and  $132,252  in  1994.  This plan held 458,588  shares  of  the
    Company's common stock at October 31, 1996 and 423,529 shares  at
    October 31, 1995.

    (7) Commitments and Contingencies

    (a)   General  -  The  preparation  of  financial  statements  in
    conformity with generally accepted accounting principles requires
    management  to  make estimates and assumptions  that  affect  the
    reported  amounts  of assets and liabilities  and  disclosure  of
    contingent  assets and liabilities at the date of  the  financial
    statements  and  the  reported amounts of revenues  and  expenses
    during  the  reporting period.  Actual results could differ  from
    those estimates.

    (b)   Repurchase  Agreements  -  It  is  customary  practice  for
    companies  in  the  specialty  vehicle  industry  to  enter  into
    repurchase  agreements  with financing  institutions  to  provide
    floor  plan  financing for dealers.  Generally, these  agreements
    provide for repurchase of products from the financing institution
    at the original invoice price in the event of dealer default.
 
    Under  these  agreements, the Company's repurchase obligation  is
    limited  to vehicles which are in new condition and as  to  which
    the  dealer still holds title.  At October 31, 1996, the  Company
    had  repurchase  agreements  covering  units  with  an  aggregate
    invoice cost of approximately $1,261,000.

    The risk of loss under the agreements is limited to the risk that
    market prices for these products may decline between the time  of
    delivery  to  the dealer and time of repurchase by  the  Company.
    The  risk is spread over numerous dealers and the Company has not
    incurred  significant  losses under  these  agreements.   In  the
    opinion  of  management, any future losses under these agreements
    will  not  have  a  material  adverse  effect  on  the  Company's
    financial position or results of operations.

    (c)   Letters of Credit - The Company has outstanding letters  of
    credit as more fully described in Note 2.

    (d)    Operating  Leases  -  The  Company  has  operating  leases
    principally  for certain vehicles and equipment.  Lease  payments
    required under these operating leases are as follows:
  
                     1997                   $159,641
                     1998                     99,723
                     1999                      2,819
                                            $262,183

    Operating lease expense was $222,542 in 1996, $167,178  in  1995,
    and $146,018 in 1994.

    (e)   Litigation - At October 31, 1996 the Company has litigation
    pending   which  arose  in  the  ordinary  course  of   business.
    Litigation  is subject to many uncertainties and the  outcome  of
    the  individual  matters is not presently  determinable.   It  is
    management's  opinion that this litigation  will  not  result  in
    liabilities  that  would have a material adverse  effect  on  the
    Company's financial position or results of operations.

    (f)   Self-insurance Reserves - The Company is  self-insured  for
    workers  compensation,  health insurance, general  liability  and
    product  liability  claims,  subject to  specific  retention  and
    reinsurance levels.

    (g)  Chassis Contingent Liabilities - The Company obtains certain
    vehicle   chassis   from  two  automotive   manufacturers   under
    agreements  that  do  not transfer the vehicle's  certificate  of
    origin to the Company and, accordingly, the Company accounts  for
    the  chassis  as  consigned  inventory.   Chassis  are  typically
    converted and delivered to customers within 90 days.

    Report of Independent Public Accountants
  

    To the Board of Directors and
    Shareholders of Collins Industries, Inc.

    We  have audited the accompanying consolidated balance sheets  of
    Collins   Industries,   Inc.   (a   Missouri   corporation)   and
    Subsidiaries  as  of October 31, 1996 and 1995, and  the  related
    consolidated  statements of income, shareholders' investment  and
    cash  flows  for  each  of the three years in  the  period  ended
    October   31,   1996.    These  financial  statements   are   the
    responsibility  of the Company's management.  Our  responsibility
    is  to express an opinion on these financial statements based  on
    our audits.

    We  conducted  our  audits in accordance with generally  accepted
    auditing  standards.  Those standards require that  we  plan  and
    perform  the  audit to obtain reasonable assurance about  whether
    the  financial statements are free of material misstatement.   An
    audit  includes  examining, on a test basis, evidence  supporting
    the  amounts  and  disclosures in the financial  statements.   An
    audit also includes assessing the accounting principles used  and
    significant  estimates made by management, as well as  evaluating
    the  overall  financial statement presentation.  We believe  that
    our audits provide a reasonable basis for our opinion.

    In  our  opinion,  the  financial statements  referred  to  above
    present  fairly, in all material respects, the financial position
    of  Collins  Industries, Inc. and Subsidiaries as of October  31,
    1996 and 1995, and the results of their operations and their cash
    flows for each of the three years in the period ended October 31,
    1996,   in   conformity   with  generally   accepted   accounting
    principles.

    Our  audit was made for the purpose of forming an opinion on  the
    basic financial statements taken as a whole.  The schedule listed
    in  Part IV, Item 14(a)(2) is the responsibility of the Company's
    management  and  is  presented for  purposes  of  complying  with
    Securities and Exchange Commission's rules and is not part of the
    basic financial statements.  This schedule has been subjected  to
    the  auditing  procedures  applied in  the  audit  of  the  basic
    financial  statements and, in our opinion, fairly states  in  all
    material  respects the financial data required to  be  set  forth
    therein in relation to the basic financial statements taken as  a
    whole.

 

    ARTHUR ANDERSEN LLP



    Kansas City, Missouri,
      December 10, 1996

                                
    Item 9.  DISAGREEMENTS ON ACCOUNTING AND FINANCIAL DISCLOSURE



    None.
         

                                   PART III
   


    Item 10.  DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT

    Information  with respect to Directors and Executive Officers  is
    contained  in  the  section entitled "Management"  in  the  Proxy
    Statement  for  the  Annual Meeting of Shareholders  to  be  held
    February 28, 1997, and is incorporated herein by reference.



    Item 11.  EXECUTIVE COMPENSATION

    Information  with respect to executive compensation is  contained
    in the section entitled "Executive Compensation" in the Company's
    Proxy Statement for the Annual Meeting of Shareholders to be held
    on February 28, 1997, and is incorporated herein by reference.



    Item 12.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
              MANAGEMENT
  
    Information  with  respect  to  security  ownership  of   certain
    beneficial  owners  and management is contained  in  the  section
    entitled  "Security  Ownership of Certain Beneficial  Owners  and
    Management"  in  the  Company's Proxy Statement  for  the  Annual
    Meeting of Shareholders to be held on February 28, 1997,  and  is
    incorporated herein by reference.



    Item 13.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

    None

                                  PART IV
                                
                                
    Item 14.  EXHIBITS, FINANCIAL STATEMENT SCHEDULES, REPORTS
              ON FORM 8-K

         (a)  The following documents are filed as a part of this Report:

              (1) Financial Statements:
  
                  All financial statements and notes thereto as set
                  forth under Item 8 of this Report on Form 10-K:

                  Report of Independent Public Accountants

                  Consolidated Statements of Income for
                  the Three Years Ended October 31, 1996

                  Consolidated Statements of Shareholders' Investment
                  for  the Three Years Ended October 31, 1996

                  Consolidated Statements of Cash Flows for
                  the Three Years Ended October 31, 1996

                  Consolidated Balance Sheets--October 31, 1996 and 1995
    
              (2) Financial Statement Schedules:

                  Schedule II--Valuation and Qualifying Accounts

                  Schedules other than those referred to above have
                  been omitted as not applicable or not required
                  under the instructions contained in Regulation S-X
                  or the information is included in the financial
                  statements or notes thereto.
 
             (3)  Exhibits:

     Exhibit Number               Document

          3.1            -        Certificate of Incorporation of Registrant,
                                  as amended (included as Exhibit 3.1 of the
                                  Company's Amendment No. 2 to Form S-1,
                                  No. 2-93247 and incorporated herein
                                  by reference).

          3.2            -        Amendment to Certificate of
                                  Incorporation of Registrant (included
                                  as Exhibit 3.3 of the Company's
                                  Amendment No. 1 to Form S-1,
                                  No. 2-93247 and incorporated herein
                                  by reference).

          3.3            -        Amendment to Certificate of
                                  Incorporation of Registrant (included
                                  as Exhibit 3.3(c) of the Company's
                                  Amendment No. 1 to Form S-1,
                                  No. 33-48323 and incorporated herein
                                  by reference).

          3.4            -        By-Laws of the Registrant, as
                                  amended (included as Exhibit 3.4 of
                                  the Company's S-1, No. 33-48323 and
                                  incorporated herein by reference).

          4.1            -        Indenture, dated as of November 1,
                                  1984, between the Company and Allied
                                  Bank of Texas, as Trustee (included
                                  as Exhibit 4.3 of the Company's
                                  Registration Statement on Form S-1,
                                  No. 2-93247 and incorporated herein
                                  by reference).

          4.2            -        Form of Representatives Warrants
                                  (included as Exhibit 4.8 on the
                                  Company's Registration Statement on
                                  Form S-1, No. 2-93247 and
                                  incorporated herein by reference).

          4.3            -        Warrant Agreement dated as of
                                  November 1, 1984, between the Company 
                                  and Allied Bank of Texas, as Warrant
                                  Agent (included as Exhibit 4.5 on the 
                                  Company's Registration Statement on
                                  Form S-1, No. 2-93247 and
                                  incorporated herein by reference).

          4.4            -        Extension Agreement as to Warrant
                                  Agreement between Registrant and First 
                                  Interstate Bank of Texas, N.A., dated
                                  February 11, 1991 (included as Exhibit
                                  4(d) to Registrant's Registration
                                  Statement on Form S-1, No. 33-40035
                                  and incorporated herein by reference).

          4.5            -        Extension Agreement as to Warrant
                                  Agreement between Registrant and First
                                  Interstate Bank of Texas, N.A., dated
                                  February 12, 1992 (included as Exhibit
                                  4.5 of the Company's Registration
                                  Statement on Form S-1, No. 33-48303
                                  and incorporated herein by reference).
 
          4.6            -        Specimen Common Stock Certificate
                                  (included as Exhibit 4.1 to Company's
                                  Amendment to its Registration
                                  Statement on Form S-1, No. 2-81977
                                  and incorporated herein by reference).

          4.7            -        Rights Agreement dated as of March 28,
                                  1995 between the Registrant and Mellon
                                  Bank, N.A. (included as Exhibit 1 to
                                  Form 8-A filed with the SEC as of
                                  March 28, 1995).
  
          4.8            -        First Amendment to the Rights Agreement
                                  dated as of April 25, 1995 (included as
                                  Exhibit 4 to Form 8-A/A filed with the SEC
                                  as of May 8, 1995).

          10.1           -        Lease dated November 1, 1981, between
                                  the Registrant and Hutchinson Air Base
                                  Investors (included as Exhibit 10.1 to
                                  the Company's Registration Statement
                                  on Form S-1, No. 2-81977 and
                                  incorporated herein by reference).

         10.2            -        Lease dated August 14, 1979, by and
                                  between the Registrant and city of
                                  Hutchinson, Kansas (included as
                                  Exhibit 10.2 to the Company's
                                  Registration Statement on Form S-1,
                                  No. 2-81977 and incorporated herein
                                  by reference).

         10.3            -        Various bailment and consignment
                                  agreements between the Registrant and
                                  Automotive manufacturers (included
                                  as Exhibit 10.2 to the Company's
                                  Registration Statement on Form S-1,
                                  No. 33-48323 and incorporated herein
                                  by reference).

          10.4           -        Lease dated August 1, 1984 between
                                  the city of South Hutchinson, Kansas
                                  (included as Exhibit 10.11 of the
                                  Company's Registration Statement on
                                  Form S-1, No. 2-93247 and incorporated
                                  herein by reference).

         10.5            -        Lease Agreement dated October 1,
                                  1989 between Registrant and the city
                                  of Newton, Kansas.  (Incorporated
                                  herein by reference to Exhibit 10.17
                                  to Registrant's Report on Form 10-K
                                  for the fiscal year ended October 31,
                                  1989.)

          10.6           -        Promissory Note and Security Agreement
                                  between Capacity of Texas, Inc. and
                                  Metlife Capital Corporation dated
                                  September 30, 1991.  (Incorporated
                                  herein by reference to Exhibit 10.20
                                  to Registrant's Report on Form 10-K
                                  for the fiscal year ended October 31,
                                  1991.)

          10.7           -        Form of Indemnification Agreement
                                  between Registrant and its directors.
                                  (Incorporated herein by reference to
                                  Exhibit 10.21 to the Registrant's
                                  Report on Form 10-K for the fiscal
                                  year ended October 31, 1991.)

          10.8           -        Loan and Security Agreement for
                                  33.05 million credit facility dated
                                  May 9, 1995 between Registrant
                                  and NationsBank of Georgia, N.A.
                                  (Incorporated herein by reference to
                                  Exhibit 10.14 to Registrant's Report
                                  on Form 10-Q for the fiscal period
                                  ended July 31, 1995).

         22.1            -        The following are the names and
                                   jurisdiction of incorporation of
                                  the subsidiaries of the Company:

                                                                  Jurisdiction
                                           Names               of Incorporation

                                  Collins Bus Corporation            Kansas
                                  Capacity of Texas, Inc.            Texas
                                  Wheeled Coach Industries, Inc.     Florida
                                  Collins Ambulance Corporation      Kansas
                                  Collins Financial Services, Inc.   Kansas
                                  Global Captive Casualty
                                    and Surety Company               Kansas
                                  Mobile-Tech Corporation            Kansas
                                  Transi-Corp                        Alabama
                                  World Trans, Inc.                  Kansas

          27.0           -        EDGAR Financial Data Schedule

          (b)  Reports on Form 8-K

               There were no reports filed on Form 8-K by the Company
               during the fourth quarter ended October 31, 1996.







                      COLLINS INDUSTRIES, INC. AND SUBSIDIARIES
                                
                   SCHEDULE II -- VALUATION AND QUALIFYING ACCOUNTS
                                
                                
                                
                                
                                Balance    Charged  Deductions   Balance at
                               Beginning      to       From        End of
      Classification           of Period    Income    Reserve      Period
                                                     
                                               (In 000s)     
                                                     
                                                     
     ALLOWANCE FOR DOUBTFUL                               
       ACCOUNTS:
                                                     
       For the year ended     
         October 31, 1996        $ 82        $ 54       $ 38         $ 98
                                                     
       For the year ended      
         October 31, 1995        $ 95        $ 51       $ 64         $ 82
                                                        
       For the year ended     
         October 31, 1994        $ 60        $156       $121         $ 95
                                                        




 
                                      SIGNATURES

    Pursuant  to the requirements of the Securities Exchange  Act  of
    1934, the Registrant has duly caused this report to be signed  on
    its behalf by the undersigned, thereunto duly authorized.


                                  COLLINS INDUSTRIES, INC.

                 By               /s/  Don  L. Collins             
                                  Don L. Collins, Chairman
                                  and Chief Executive Officer

    Dated: January 27, 1997

                 By
                                   /s/Larry W. Sayre
                                   Larry W. Sayre, Vice President
                                   Finance and Chief Financial Officer



     Pursuant  to the requirements of the Securities Exchange  Act  of
     1934,  this  report has been signed by the following  persons  on
     behalf of the Registrant, in their capacities as Directors of the
     Registrant, and on the dates indicated.


     Dated:     January 27, 1997           /s/ Don L.  Collins
                                           Don L. Collins

     Dated:     January  27, 1997          /s/  Donald Lynn Collins     
                                           Donald Lynn Collins

     Dated:     January 27, 1997           /s/ Lewis W. Ediger
                                           Lewis W. Ediger

     Dated:     January 27, 1997           /s/ Robert E. Lind
                                           Robert E. Lind